Q3 2015 Economic Developments Charts
Q2 2015 Economic Indicators
Gross Domestic Product
“The economy expanded at a revised 3.7% pace in the second quarter, almost 1.5% stronger than initial estimates for the period. The changes were driven by a strong upward revision to business investment.”
-Diane Swonk, Chief Economist, Mesirow Financial, August 27, 2015. Click here to read a full economic outlook.
University of Illinois Flash Index
“The U of I Flash Index remained steady in August despite volatility in the national and international stock markets. The index fell slightly to 106.5 in August from its 106.6 level in July. The index has remained in a narrow range for more than two years, reflecting steady but unspectacular growth.”
-University of Illinois Institute for Government and Public Affairs, August 2015. Click here to read the full report.
The unemployment rate in Lake County has continued to remain low over the past four months. The Bureau of Labor Statistics (BLS) July 2015 preliminary unemployment rate for Lake County is 4.8 percent, driven by continued job gain (over 6,992 jobs in 12 months) and, importantly, increasing labor force participation.
Income and wages remain sluggish both in the Midwest and nationwide.
The industrial sector of the commercial real estate market in Lake County ended Q2 2015 with a vacancy rate of 8%, about where it’s been for the last 18 months. We currently have a few notable construction properties ACC Logistics Center of which 47% is already pre-leased, Bridgepoint 94 Corporate Park – Facility #1 and Bridgepoint 94 Corporate Park – Facility #2.
At the close of Q2 2015, the increase in office vacancy is driven primarily by the Motorola Mobility and WMS Gaming departure. Lake County’s notable Q2 2015 leases include:
• 214,219 SF lease at One Parkway North for United Stationers
• 62,028 SF lease at 1500 E Lake Cook Rd for Angus Chemical
• 28,673 SF lease at Buffalo Grove Business Park for Cennate